Homomorphic Encryption Market Trends, Industry Forecast, Applications, Growth Drivers, Trends & Demands - Global Forecast to 2027 | Impact of COVID-19
In its research report, Market Research Future (MRFR), emphasizes that the global market 2020 is expected to grow exponentially over the review period, ensuring a substantial market valuation of USD 268.92 million by 2027 and a healthy CAGR of 8.58 per cent over the review period.
Drivers and Restraints
The use of smartphones and connectivity solution drives the homomorphic encryption market, as mobile cloud computing can be defined as an infrastructure where both data storage and data processing takes place outside the device. Smart cloud systems transfer data storage and computing resources away from cell phones and into the cloud. Nowadays people use smartphones in their everyday lives due to digital communication for bill payments, shopping, and mobile banking, among others. Because of this, people share their personal information with a network of third parties that raises questions about the protection of personal information about an individual. Internet users share a lot of details through a third-party forum. Therefore, data protection becomes an important factor which boosts the growth of the market for homomorphic encryption. The growth of the market for homomorphic encryption is influenced by increasing demand for secured data transmission, increasing investment in cloud-based industries, and growing initiatives for e-governance. In addition, high implementation of homomorphic encryption is expected in the banking and finance sector to fuel growth over the forecast period. However, the complexity of the systems and lack of updates are the factors that impede the growth of the market for homomorphic encryption.
By type, the homomorphic encryption market growth has been segmented into fully, partial, additive, and multiplicative.
By application, the market has been segregated into government, banking and finance, healthcare, industrial, and others.
The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world.
Mainly from the US and Canada, North America accounted for the largest market share. The demand for homomorphic encryption is expected to expand at a rapid pace in the US. The explanation is due to steady growth rate, improved medical services, increased demand, increased investment in the private sector, and a increasing number of small and medium-sized enterprises. Other factors for this growth are due to increased mobile and internet use, increased exports and increased numbers of small and medium-sized enterprises.
In the forecast period Europe is rising at a steady rate. The area is due to the increasing security issues, high adoption of rapid industrialization of homomorphic encryption solutions, among others. This is also anticipated that the high investment in cloud-based industries will fuel the demand over the forecast period. Whereas factors such as lack of upgradation and uncertainty halt the demand in the European region from rising. Countries such as the United Kingdom and Germany accounted for the highest market share in the European region being mainly a financial center with strong infrastructure spending.
The Asian demand for homomorphic encryption offers significant opportunities for development for the industrial sector. However, over the review period the market is expected to expand largely due to China being a hub for manufacturing, rapid industrialization, and emerging economies. Countries like China, India, Australia, and Japan are mainly contributing to the market because of the huge customer base and the region has the high potential to expand. The complexity of the method however hinders the growth of the homomorphic encryption market.
The major market players operating in the global market as identified by MRFR are Oracle Corporation (U.S.), Microsoft (U.S.), Gemalto (Netherlands), IBM Corporation (U.S.), Galois Inc (U.S.), Netskope (U.S.), CryptoExperts (France), LifeNome Inc (U.S.), Enveil, Inc (U.S.), among others.
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